Jobtel director Julian Hamilton said: “There appears to be a strong movement
within the City to encourage a more competitive environment amongst the top
accountancy firms – not only to keep a check on fees charged to clients but to
provide some relief from the now famous ‘too big to fail’ scenario – where the
governor of the Bank of England, no less, decried his inability to let market
forces get to work and that he felt constrained to support banks which should
otherwise have collapsed due to their own mismanagement.

“In that respect its probable that the emergence in time of a 5th top
accountancy practice would be viewed favourably by the financial regulators. It
seems likely that one way this further consolidation might take place is through
mergers funded by the City.”